Global economy on verge deeper jobs recession: ILO

According to the International Labour Organization (ILO), the global economy was on the verge of a new and deeper jobs recession that could ignite social unrest.
 
The organisation said it would take at least five years for employment in advanced economies to return to pre-crisis levels.

According to the organisation, the risk of social unrest was rising in 45 of the 118 countries it had examined.

In a separate announcement the Organisation for Economic Co-operation and Development (OECD) research body said G20 leaders meeting in Cannes this week needed to take "bold decisions".

According to the OECD, the rescue plan announced by EU leaders on 26 October had been an important first step, but the measures would need to be implemented "promptly and forcefully".

The OECD's message to world leaders comes with the prediction of a sharp slowdown in growth in the eurozone and warnings that some countries in the 17-nation bloc would likely face negative growth.

In its World of Work Report 2011, the ILO said labour markets were being dramatically affected by the stalled global recovery.